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Brexit hot topic but overblown risk - Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Richard Franulovich, analyst at Westpac explained that on his latest trip to see our UK Real Money and Hedge Fund clients I detected unusually high levels of conviction on the outlook for global markets.

    Key Quotes:

    "Against the backdrop of a surge in global risk premia conversations were more spirited and animated than usual across a range of key topics including China, the euro, the Fed and the outlook for the EM/dollar bloc currencies."

    "Brexit was a major talking point. On balance the vast majority of clients saw it as an overblown risk - one can't trust the polls, especially given their poor track record in the recent Scottish independence vote and the general election, PM Cameron's EU renegotiation has not yet even taken place and the pros and cons have yet to be fully debated. With all this in mind the underlying impression from UK clients was that GBP's broad underperformance was overdone."
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